Warning: Misleading Marketing Campaign Targeting Bank Customers
WBA has been alerted to a recent marketing campaign spreading misinformation designed to create fear and distrust toward banks — a scam closely resembling the one that circulated in late summer 2023. The email falsely claims that banks are “secretly preparing for the Digital Dollar” and uses alarmist language suggesting that customers have only “days to protect their hard-earned savings.” Additionally, the email contains links that may be malicious.
The malicious email appears with the subject line: “[EXPOSED] 72 hours before these banks flip the Digital Dollar switch?” and the body of the email reads:
“Do you have any savings in any US banks on this list?! Because we have bad news…These Banks are secretly preparing for the Digital Dollar to go live. This controversial rollout will give the government complete control over your money, This means they can track every purchase, And control how you spend your money, If your bank is on this list, you may only have days to protect your hard earned savings, before the Digital dollar is rolled out!”
The email states it is sent on behalf of American Alternative Assets from California and is sent by FIT, LLC, listed as owner and operator of World Financial Time (WFT).
The referenced list in the email includes banks that have voluntarily elected to participate in the Federal Reserve’s FedNow® Service, an instant payment system developed by the Federal Reserve to enable safe and efficient real-time payments.
WBA believes this deceptive email is intended to scare and mislead consumers. Its contents falsely imply that banks participating in the FedNow Service are putting customer deposits at risk. In reality, the email appears to deliberately confuse the FedNow Service—a secure payment infrastructure—with digital currency, which are entirely separate concepts.
Banks are encouraged to ensure that customer service staff are aware of this misleading email and are prepared to respond to customer inquiries. Staff should share accurate information about the FedNow Service and reassure customers of its safety. The Federal Reserve provides several resources that clearly explain the service, including an FAQ that explicitly confirms the FedNow Service is not replacing cash and is not a form of digital currency.
